Thanks to our many universities and attractive job opportunities, Pittsburgh is a city of renters. More than half of the population rents, and a tough housing market could lead to even more renters in the near future.
If you're a Pittsburgh rental property owner, now is the time to maximize your rental strategy. Whether you own a few single-family homes or one of the Burgh's many apartment buildings, a property manager could give you a competitive edge.
The question is, do you need tenant placement services or full rental management? Read on to find out.
What Is Tenant Placement?
Simply put, tenant placement services involve finding tenants to fill vacancies in a rental property. In full, this process can include:
- Property marketing
- Rental application collection
- Tenant screening (e.g., credit, rental history, and background checks)
- Leasing and tenant onboarding
Tenant placement is one of the most important things a landlord can invest in. Finding the right tenants can reduce problems like late or missing rent payments. When you're matched with great tenants, it can also increase your lease renewal rates.
What Is Rental Management?
When we're talking about rental management (or property management), we're generally talking about the full suite of services a property manager can provide. This encompasses tenant placement and additional types of services including:
- Property accounting
- Rent collection
- Maintenance coordination and oversight
- Evictions
- Rental analysis and market research
In other words, rental management tends to cover the vast majority of landlord responsibilities. You can deduct payment for these services from your rental income, which a great property manager can maximize.
Which One Is Right for You?
Maybe you went into property investing because you know your way around a property. You're great at handling maintenance issues and you have no problem with things like drafting a lease and collecting rent. The problem is that you can't seem to keep your units filled with reliable tenants.
In a city like Pittsburgh that has over 80,000 college students, you're dealing with a lot of first-time renters and high tenant turnover. Tenant placement can take that stress off your plate so you can focus on the aspects of property ownership you love.
What if, on the other hand, you invested in rental properties to earn passive income? Maybe you don't live in the city or you didn't intend for your rental property to become a full-time job. These are just a few of the signs that you'd benefit from full rental management.
Call PMI The Burgh for Customizable Property Management
Tenant placement services can lay the groundwork for your financial success as a landlord. If tenant placement is only the start of the services you'd benefit from, you may want to consider rental management, instead.
At PMI The Burgh, we make it easy to get the rental management services you need. As full real estate asset managers, we know the ins and outs of Pittsburgh real estate, from hot locations to competitive rental prices. Contact us and customize your rental management services to meet your goals.
